The company is backed by big investors those include Paytm founders Vijay Shelhar Sharma and Google India’s Rajan Anand and others.
Fosun International has closed a clutch of investments in India across the personal finance, logistics, technology and content segments, marking the Chinese diversified conglomerate’s first set of fresh transactions in the country this year.
Tej Kapoor, India head and managing director of Fosun RZ Capital, confirmed the development but declined to share the names of the two potential incoming investors.
Fosun’s investment in LetsTransport is its second in the country’s techbased logistics sector, having earlier backed Gurgaon-based logistics major Delhivery in March last year.
MobiKwik on Thursday announced its entry into the wealth management business today with a 100% acquisition of Clearfunds, a leading online wealth management platform based out of Mumbai.
This is the first acquisition ever by MobiKwik and will help the brand to further strengthen its foothold in the digital financial services industry, said a statement. MobiKwik will be investing $15 million over the next one year to scale up its wealth management business. MobiKwik’s 107 million plus customers will soon be able to start saving in mutual funds seamlessly from their MobiKwik app in just a few clicks.
One97 Communications, which owns India’s largest payments player Paytm, could see its valuation more than double from last year to $16 billion as it has started seeing a surge in investor interest after the recent infusion of $300 million by Berkshire Hathaway, according to investors and bankers familiar with the development.
The company is in talks with investors from US and China to sell a secondary of existing employees shares and small shareholders like MediaTek, according to these sources.
“The value of the transaction is still being finalised but could range between $100-200 million,” said one of the people cited above.